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Old Story, New Area: Two in Northeast Hurt for Capital

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Though the list of banks in dire straits grows by the day, most are concentrated in formerly frothy areas like the Southeast or California. Now, it seems, trouble has arrived in the Northeast.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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